Here’s why so many people are moving and how it’s affecting the market.
Most people these days are motivated to buy or sell homes by life changes. Whether it’s a marriage, a divorce, a birth, or a death, these lifestyle changes create a need to sell. Children of baby boomers are now getting married and having kids of their own. As they experience these milestones, purchasing a home becomes a greater priority.
In this market, there just aren’t enough available houses to accommodate the demand from this demographic. If we continue to see strong demand, prices will continue to rise. Compared to the first six months of 2020, home prices in 2021 have increased by 14.7% in San Mateo County and 20% in Santa Clara County.
At some point, the price pressure will moderate as the climbing prices will start to limit peoples’ affordability.
Do you or someone you know need to buy or sell for a lifestyle change? Don’t hesitate to reach out via phone or email with any questions you have. We would love to help.